(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 1 . The
development of small and medium-sized businesses in Azerbaijan is a
priority, Minister of Economy Mikayil Jabbarov said at the opening
ceremony of the 'Empowering SMEs: Economic Diversification and
Green Growth' international conference, trend reports.
According to him, the development of SMEs in
Azerbaijan is one of the prior directions.
'The creation of a strong sector of entrepreneurship
against the backdrop of global economic challenges contributes to
the further development of the country. Also, I would like to note
that high prices for energy resources attract foreign currency to
the country and strengthen the macroeconomy rates,' said the
minister.
He noted that the main mechanisms of business
development are state support for entrepreneurship, promotions, and
concessional loans.
'Moreover, we have simplified business reporting
procedures. Our country ranks at high positions in [World Bank's]
'Doing Business' report. It is planned to expand business
opportunities by exempting small and medium-sized enterprises from
taxes for seven years, in particular,' the minister added.
According to Jabbarov, the number of SMEs in the
country is 850,000.
'This rate is achieved due to the state support for
SMEs as well as providing transparency and decreasing the fiscal
charges,' he noted.
Minister said that in 2021 the export of non-oil
products by SMEs totaled 66 percent.
'Annually, the manufacture and export of non-oil
products by SMEs increase according to all indicators. The
government will continue to support them,' said Mikayil
Jabbarov.
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